What is total recognized gain or loss on the sale, Accounting Basics

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What is total recognized gain or loss on the sale

Ennie's basis in a partnership was $65,000. His 50% share of partnership assets is:

Basis FMV
Cash $ 60,000 $ 60,000
Inventory 15,000 20,000
Land 15,000 5,000

In addition, the partnership has $20,000 in liabilities. This year, Ennie sold his partnership interest for it FMV plus release from his share of the liabilities.

a. What is his total recognized gain or loss on the sale?

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Accounting Basics: What is total recognized gain or loss on the sale

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Accounting Basics: What is total recognized gain or loss on the sale

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Accounting Basics: What is total recognized gain or loss on the sale

Reference No:- TGS054181

Recent Questions Asked Accounting Basics

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